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Method and System for Secure Transfer of Funds among Multiple Parties

Abstract:

A system and method for securely transferring funds is disclosed herein. A computing system receives a request to transfer funds from a first account associated with the transferor to a second account associated with the transferee. The computing system identifies one or more constraints specified in the request that are associated with the funds. The computing system stores the funds as reserved funds in the second accounts associated with the transferee. The computing system receives, from a third-party vendor, a transaction request for verifying a transaction between the transferee and the third-party vendor. The computing system identifies one or more parameters associated with the transaction request. The computing system determines that the one or more parameters associated with the transaction request are in accordance with the one or more rules related to use of the funds. The computing system grants the transaction request based on the determining.